Dear PMC Partner Investors
I am pleased to write an initial investor update following our acquisition of Preferred Maintenance, the commercial cleaning business based in Fredericksburg, VA. As you know, with your participation, we acquired 100% of the company on November 25, 2020,
Our main focus in December was to transition the company to our ownership. The process has been smooth working with the Sellers. December financials matched the EBITDA values at we purchased the business. We continue to see great opportunities to improve sales and increase the company’s EBITDA. We have recruited a strong manager to run the maintenance side of the business, which is a profitable and growing part of the company. In our first month we also generated 3 new sales for the janitorial services side of the business.
As a reminder, profit distributions accrue from the first month of ownership and initial distributions will take place after the third month post transaction. Please anticipate first distributions to arrive in March 2021. This distribution will include payments for the following months: November 25-30, December 2020, January 2021, and February 2021. If you have any questions, please do not hesitate to contact me directly on 202-468-3799 or via email.